Shareholders blast Moto CEO

Angry over a stock price that has fallen about 44% in the past year, shareholders blasted Mr. Brown and the board of directors for falling sales, a weak stock price and the plan to break up the company under pressure from billionaire investor Carl Icahn.

Mal Holec, a shareholder from Palatine, told them their performance was "appalling."

"The split (of the company) is a cop-out," he added.

The meeting at the Rosemont Theatre began late Monday afternoon and lasted less than two hours.

Mr. Brown, who became CEO in January, politely thanked shareholders for their opinions but offered little reaction.

Frustrated, shareholders such as Mr. Holec pushed for specifics about the planned breakup of the company. Mr. Brown offered none.

They also asked Mr. Brown how he intended to right a mobile-devices business that has seen its market share fall by half in little more than a year.

Mr. Brown could only promise, "We have a great brand and an opportunity to recover the franchise."